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Global Perspective: US Cotton Price Rises To The Highest Level In More Than 10 Years Due To Drought And Pesticide Price
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Cotton futures prices rose to their highest level in more than a decade on the 21st due to a long-term drought in parts of the central United States, AFP reported. According to reports, cotton prices in the U.S. major futures contracts reached $1.3171 per pound (about 453 grams), the highest price since July 2011.
Texas, located in the south central part of the United States, is the main cotton producing area in the United States. About 40% of the cotton in the United States is produced in Texas. Since the beginning of January this year, the rainfall in Northwest Dezhou is also extremely low, and cotton planting is facing challenges.
Many people have begun to compare the current weather conditions with 2011, the report said. Texas cotton producers suffered the worst drought on record in 2011, when cotton prices peaked at $2.27 a pound.
The report also said that affected by the epidemic, people's time at home increased, and the demand for cotton textiles increased, while the drought weather further hit the already tight market. In addition, the soaring price of pesticides also caused cotton prices to rise. Pesticides are widely used in cotton farms, and the source of pesticides is petroleum.
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